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Should I Let My Wife Keep Our Home?

Before or during Snevysjdrnzkqn divorce proceedings, you as the husband might need web conferencing make an important decision. This decision would be regarding the home and whether you should let your wife keep it or not. Of course, many a times, this decision is taken away from you by the courts; however, there are cases when the decision is left on the husband.

Here are a few reasons why you might think about letting you wife keep the home that you might both have owned.

For the Larger Interests of the Family

It makes sense to let your wife keep your home, if she has West Virginia Lemon Laws awarded the custody of your kids and has no other home to go to. You will realize that your home is like a calming refuge in a sea of uncertainty when you are splitting with your wife. Moreover, if your kids have been born and brought up there, it makes sense that they continue to reside there, when the other option is to provide a new house for your wife and kids.

The Mortgage

There might be a case, wherein, you might not be able to pay the mortgage of your existing home alone. Why? You might have bought another home or your financial condition might not allow you to pay the mortgage all on your own. If you wife can do the needful then you can think about letting your wife keep the home.

Also, the fact remains that today the interest rates are not as high as before and your wife can choose to take the refinance options and buy out your share of the equity in the house.

The Up-Keep Costs

Your post divorce budget might not be able to pay the upkeep costs of your home. Before you take a decision in this regard, you must give a thought to all the monthly bills like gas, electricity, sewer, and water bills. Moreover, there are other costs like snow removal, upkeep of wall, maintenance of the house-hold accessories etc that will also go a long way in increasing your month's upkeep costs.

If you think that that such costs will be too much for you to bear, then its best to give the home to your wife, if she thinks she can bear the costs.

The Tax Implications

You should look at the tax implication before you make a decision. In the end, your decision in this regards, must make financial sense. If you take out the emotional quotient, you are left with the financial quotient. This must be the parameter on which you must decide whether you let your wife keep the home or not.

Taxes are a kind of expense that is not under your control at all. Property taxes will continue to rise and do not expect them to go down. The increase of property taxes is directly proportional to the increase in the value of property. Many state and county laws require that a reassessment of the property value is done on a periodic basis.

However, the good news as far as taxes are concerned is the fact there will be mortgage interest deduction most of the times. Again, we repeat the point, if you can't afford the taxes you might think about letting your wife keep the house.

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posted by sadiihk @ 8:27 AM